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Detroit, MI

Apartment

The 216,859-unit market-rate, investment grade Detroit apartment market had a vacancy rate of just 2.6% in October 2017, up 20 basis points year-to-date. In October, the average asking rent was $986 per month, up 2.5% year-to-date, and the average effective rent was $945 per month, up 3.3% over the same time span.
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The 216,859-unit market-rate, investment grade Detroit apartment market had a vacancy rate of just 2.6% in October 2017, up 20 basis points year-to-date. In October, the average asking rent was $986 per month, up 2.5% year-to-date, and the average effective rent was $945 per month, up 3.3% over the same time span.
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Industrial

The 211.8-million-square-foot metro Detroit warehouse/distribution space market is surging, with about 1.3 million square feet of new supply and 1.8 million square feet of net absorption from July to October 2017 alone. The year-to-date totals as of October were 1.92 million square feet of new competitive space added and 1.94 million absorbed. The October vacancy rate was 10.8%, down 10 basis points year-to-date. The October average asking rent was up a strong 3.0% year-to-date to $4.17 psf, with the average effective rent also up 3.0%, to $3.80 psf. Speculative development has picked up in the 35.8-million-square-foot Flex/R&D market. The October vacancy rate was high at 14.6%, but it was down 70 basis points year-to-date on 259,000 square feet of net absorption. Net absorption was negative 128,000 square feet after mid-year, however. The average asking rent was $6.99 psf in October, with the average effective rent at $6.25 psf following gains of 1.7% and 2.0%, respectively, year-to-date.
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The 211.8-million-square-foot metro Detroit warehouse/distribution space market is surging, with about 1.3 million square feet of new supply and 1.8 million square feet of net absorption from July to October 2017 alone. The year-to-date totals as of October were 1.92 million square feet of new competitive space added and 1.94 million absorbed. The October vacancy rate was 10.8%, down 10 basis points year-to-date. The October average asking rent was up a strong 3.0% year-to-date to $4.17 psf, with the average effective rent also up 3.0%, to $3.80 psf. Speculative development has picked up in the 35.8-million-square-foot Flex/R&D market. The October vacancy rate was high at 14.6%, but it was down 70 basis points year-to-date on 259,000 square feet of net absorption. Net absorption was negative 128,000 square feet after mid-year, however. The average asking rent was $6.99 psf in October, with the average effective rent at $6.25 psf following gains of 1.7% and 2.0%, respectively, year-to-date.
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Office

Vacancy continues to fall in the 74.6-million-square-foot general purpose, multi-tenant Detroit office market, but the rate is still so high that the decreases hardly make a difference. The October 2017 vacancy rate is 23.2%, down 120 basis points year-to-date on 931,000 square feet of net absorption and 101,000 square feet of new supply. While effective rents remain lower than they had been in 1994, they are rising. The October 2017 average effective rate was $14.88 psf, up 0.8% year-to-date. The October average asking rate was $19.86 psf, up 0.9% year-to-date.
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Vacancy continues to fall in the 74.6-million-square-foot general purpose, multi-tenant Detroit office market, but the rate is still so high that the decreases hardly make a difference. The October 2017 vacancy rate is 23.2%, down 120 basis points year-to-date on 931,000 square feet of net absorption and 101,000 square feet of new supply. While effective rents remain lower than they had been in 1994, they are rising. The October 2017 average effective rate was $14.88 psf, up 0.8% year-to-date. The October average asking rate was $19.86 psf, up 0.9% year-to-date.
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Retail

The 34.4-million-square-foot Detroit area community-neighborhood shopping center market had a vacancy rate of 11.1% in October 2017, down 30 basis points year-to-date. The average asking rent was $17.68 psf, up 0.5% year-to-date, and the average effective rent was $15.49 psf, up 0.6%. The key factor in the sharp improvement in vacancy from mid-year is a 215,000-square-foot decrease in inventory—the demolition of older centers may accelerate if land becomes valuable again. Rents have been flat since mid-year.
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The 34.4-million-square-foot Detroit area community-neighborhood shopping center market had a vacancy rate of 11.1% in October 2017, down 30 basis points year-to-date. The average asking rent was $17.68 psf, up 0.5% year-to-date, and the average effective rent was $15.49 psf, up 0.6%. The key factor in the sharp improvement in vacancy from mid-year is a 215,000-square-foot decrease in inventory—the demolition of older centers may accelerate if land becomes valuable again. Rents have been flat since mid-year.
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Commercial Real Estate Market Information

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